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The S&P BSE Sensex plummeted nearly 1,000 points, hitting an intra-day low of 80,941.61, amid investor caution ahead of the US Federal Reserve's upcoming meeting. Key factors included a widening trade deficit of $37.8 billion and poor performance from heavyweight stocks like Reliance Industries and HDFC Bank. Despite the overall decline, midcap and smallcap stocks showed slightly better resilience, with only minor losses.
Tata Motors will increase passenger vehicle prices by up to 3% starting January 2025, citing rising input costs and inflation. This price hike will vary by model and variant. Other automakers, including Maruti Suzuki, Hyundai, and luxury brands like Mercedes-Benz and Audi, are also raising prices next month.
The Indian equity markets closed lower for the second consecutive session on December 9, with the Sensex down 200.66 points at 81,508.46 and the Nifty down 58.80 points at 24,619. Selling pressure was evident in FMCG, PSU Bank, auto, and pharma stocks, while capital goods, IT, and metal sectors saw some buying interest. Notable Nifty losers included Tata Consumer, HUL, and Tata Motors, whereas L&T, Wipro, and SBI Life Insurance were among the gainers.
Auto stocks declined on Monday, led by Hyundai Motor and Tata Motors, following a report of weak November retail sales. The Nifty Auto index fell 0.44%, with Hyundai shares down 1.2% and Tata Motors down 0.7%, amid concerns over a 13.7% drop in passenger vehicle registrations and a 6.1% decline in commercial vehicle sales. The broader market also faced losses, with the BSE Sensex down 275 points.
Automobile sales faced challenges in the first half of FY2025 due to elections and adverse weather, with November data revealing disappointing single-digit year-on-year growth across all vehicle categories. While Tata Motors struggled, market leaders Maruti Suzuki, Hyundai, and Mahindra & Mahindra reported approximately 10% growth in wholesale dispatches.
Jaguar is attempting to revive its brand by introducing the Type 00 concept car, which has sparked mixed reactions for its bold design reminiscent of the XK-E coupe. Aiming for the luxury market with a price tag of £120,000, the company seeks to attract a new audience while ceasing new car sales in the UK ahead of a relaunch as an electric-only brand in 2026. Critics argue the design is impractical and the price point targets a limited market, raising concerns about the brand's future direction.
Tata Sons chairman N Chandrasekaran has urged group CEOs to "pursue growth aggressively" amid increasing market challenges. He emphasized the importance of bold ambitions, stating that while margins can be adjusted over time, seizing growth opportunities is crucial. Tata Motors reported a slight increase in sales, with November figures showing 74,753 units sold compared to 74,172 units a year earlier.
Tata Motors faces challenges as UBS maintains a 'sell' rating with a price target of Rs 780, citing concerns over Jaguar Land Rover's overly optimistic medium-term outlook amid global premium auto market difficulties. Meanwhile, Citi has suspended its rating, leaving investors uncertain. UBS highlights risks in JLR's ambitious all-electric plans, referencing setbacks from competitors and Jaguar's declining brand image as significant hurdles in becoming a super-premium EV player.
Tata Motors FUT, December 2024,
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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06:28 17.12.2024
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